USD/MXN breaks range and falls to lowest in 4 weeks

By FXStreet FXStreet (Córdoba) – The Mexican peso, like all Latin-American currencies is rising against the US dollar on a session characterized by risk appetite and with markets seeing a rally in commodities.

USD/MXN continues to retreat

The pair broke below 16.70, that was an important support and accelerated the decline as crude oil prices rallied. The barrel rose more than 5% and USD/MXN bottomed at 16.54, the lowest level since August 19.

The pair remains below 16.60, falling for the third day in a row and about to post the lowest close in a month ahead of the Federal Reserve decision.

During August USD/MXN reached a record high at 17.30 and then started to retreated. Greenback found support at 16.70 and the pair started to move within a range, until today that broke to the downside. From all-time highs it has fallen 4.15%.
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Source:: FX Street